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Abacus Announces Warrant Extension

Press Release

December 2, 2022

Vancouver, B.C. – Abacus Mining & Exploration Corporation (“Abacus” or the “Company”) (TSXV: AME) announces that the Company has applied to extend the exercise period of a total of 10,770,000 share purchase warrants, all of which are exercisable at $0.08 per share (collectively, the “Warrants”). The Warrants were issued pursuant to a private placement which closed December 20, 2019. The Company proposes to extend the expiry date for all these Warrants by eighteen (18) months, and accordingly, the new expiry date for the Warrants will be June 20, 2024. All other terms and conditions of the Warrants remain unchanged. The Warrant extension is subject to acceptance by the TSX Venture Exchange.

On Behalf of the Board,
ABACUS MINING & EXPLORATION CORPORATION

Paul G. Anderson, P.Geo.
President and CEO

About Abacus

Abacus is a mineral exploration and mine development company currently focused on copper and gold in B.C. and Nevada. The Company’s main asset is a 20% ownership interest, together with KGHM Polska Miedź S.A. (80%), in the proposed copper-gold Ajax Mine located southwest of Kamloops, B.C., which has undergone a joint provincial and federal environmental assessment process. On December 14, 2017, a decision was made by the B.C. Minister of Environment and Climate Change Strategy and the Minister of Energy, Mines and Petroleum resources to decline to issue an environmental assessment certificate for the Project. KGHM have recently reopened an office in Kamloops, B.C. to facilitate First Nation, community and governmental engagement in order to advance the project towards a potential resubmission of the environmental application.

Abacus also holds an option on the Willow copper-gold property located near Yerington, Nevada in which it can acquire up to a 75% ownership interest, and the contiguous Nev-Lorraine claims subject to a ten-year lease agreement.

For the latest reports and information on Abacus’ projects, please refer to the Company’s website at www.amemining.com.

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